Shari Redstone's Exit from Paramount Global Board

(Reuters) – Shari Redstone will not remain on the board of Paramount Global after its merger with Skydance Media, according to a report by Bloomberg News.

Redstone and her son, Tyler Korff, have the option to join the board of the new entity but reportedly have no intention of doing so.

Both Paramount Global and Skydance Media did not respond to requests for comments from Reuters.

In July, Skydance and its partners agreed to acquire National Amusements, which controls the Redstone family's stake in Paramount, for $2.4 billion in cash.

The merger will see Skydance offer $4.5 billion in cash or stock to Paramount shareholders and an additional $1.5 billion to strengthen Paramount’s balance sheet.

David Ellison, the founder of Skydance, will serve as chairman and CEO of the new Paramount, while Jeff Shell, the former CEO of NBCUniversal, will take on the role of president.